Gold Assays Hit Overlimits, Exceed 10,000 g/t Au* High Grade Gold Vein

Delivered In-line Second Quarter Operating and Financial Results; Production Guidance Reaffirmed and Cash Cost Guidance Improved

• Achieved consolidated copper production of 28,578 tonnes and gold production of 58,614 ounces in the second quarter of 2024, in line with quarterly production cadence expectations for 2024.
• Enhanced operating platform delivered a 32% increase in copper production and a 20% increase in gold production over the second quarter of 2023 ⁱⁱ , reflecting the benefits of a larger diversified operating platform with the addition of Copper Mountain and the continued execution of operational efficiencies across the business.
• Strong cost control with consolidated cash cost ⁱ and sustaining cash cost ⁱ per pound of copper produced, net of by-product credits ⁱ , in the second quarter of 2024 of $1.14 and $2.65, respectively, in alignment with the cadence of costs expected in 2024.
• Reaffirmed full year 2024 consolidated production guidance for all metals including 137,000 to 176,000 tonnes of copper and 263,000 to 319,000 ounces of gold as the company expects stronger production in the second half of 2024 in accordance with the mine production profile.
• Improved 2024 annual operating cost guidance with decreased consolidated cash cost ⁱ guidance range of $0.90 to $1.10 per pound, a result of meaningful exposure to gold by-product credits and continued strong cost control.
• Peru operations continued to benefit from strong mill throughput, averaging approximately 85,000 tonnes per day in the second quarter despite a planned semi-annual mill maintenance shutdown. The Pampacancha stripping program to advance to higher grades later this year is well underway. The reduced mining from Pampacancha resulted in 19,217 tonnes of copper and 10,672 ounces of gold produced in the second quarter of 2024, in line with quarterly cadence expectations. Peru cash cost per pound of copper produced, net of by-product credits ⁱ , in the second quarter was $1.78, an expected increase from the first quarter given lower planned production levels, and a 17% decrease compared to the second quarter of 2023.
• Manitoba operations produced 43,488 ounces of gold in the second quarter of 2024 as New Britannia continues to operate well above nameplate capacity and budgeted throughput levels. Manitoba cash cost per ounce of gold produced, net of by-product credits ⁱ , was $771 during the second quarter of 2024, similar to the first quarter, and a decrease of 30% compared to the same quarter last year.
• British Columbia operations produced 6,719 tonnes of copper at a cash cost per pound of copper produced, net of by-product credits ⁱ , of $2.67 in the second quarter. Cash cost improved by 23% over the first quarter, reflecting ongoing operational stabilization efforts as mine stripping activities are accelerated and mill improvement initiatives are underway at Copper Mountain.
• Achieved revenue of $425.5 million and operating cash flow before…